Entrepreneurs who have built their businesses around the entertainment industry can attest to the fact that the industry is indeed a booming industry and it has the potentials to transcend the country where the business is established. Little wonder entertainment TV shows, the Grammy Award, Most Beautiful Girl in The World – Beauty Pageant, amongst others, can be widely watched all over the globe just like the FIFA World Cup and the Olympic Games.
There are many business opportunities in the entertainment industry and if you are interested in this industry, you can consider starting your own dance studio. Depending on the part of the world you live in, establishing a dance studio whether for western dance or traditional dance, means that you stand the chance of making good fortune from the business.
In other words, starting a dance studio can be capital intensive but it is indeed a profitable venture especially if your dance studio is well equipped and furnished and if it is located in the entertainment hub of your city or state.
It might interest you to know that there are countless numbers of people in your community / city who are willing to pay their hard earned money to learn various dance steps. Dance steps like Salsa, Ballet, Hip Hop Dance, Tap Dance, Yangko Dance, Belly Dance, Kathak, Gangnam Style, Break Dance, Line Dance and also Yoga, Zumba and any other activities that can keep people in good shape. That is why venturing into establishing your own dance studio might just be the right business decision to take.
Now let us quickly go through the 7 surefire tips that can help you start your own dance studio from the scratch and grow the business to profitability within record time;
Starting a Dance Studio – Sample Business Plan Template
1. Feasibility Studies / Demographic Studies Must Be Carried Out
If you are considering establishing a dance studio, you should not just establish it just because you feel it is the right business for you to do; it will be to your advantage to first carry out your own feasibility studies and demographic studies to be sure you are in the right path.
The fact that establishing a dance studio may be lucrative in Las Vegas or Los Angeles doesn’t meant that it will be lucrative in Alaska. Dance Studios are known to thrive in areas with good numbers of youths and upwardly mobile adults. So, ensure that you carry out your feasibility studies and demographic studies before writing a business plan for your dance studio.
2. You Need to Register a Business Name
Once you have carried out your feasibility studies and you are optimistic that a dance studio is suitable in your city, you can then go ahead to chose a business name and ensure you register the business with the corporate affairs department of your country. Once you are able to register your business, you can then apply for business license and Tax Payer’s ID (Employer Identification Number – EIN).
3. Consider Raising Startup Capital
Starting a Dance Studio is indeed capital intensive that is the reason why you must think of how you can raise your startup capital before venturing out to start the business. Of course, you will have an estimate of the capital required to setup your own dance studio from your feasibility studies.
If your savings is enough for you to start your own dance studio, that would be nice, but if not, there are many ways you can raise startup capital. You can raise startup capital for your business by obtaining loan from the bank, you can talk to investors, and you can as well raise it from your family members and from your friends.
4. You Need a Rent or Lease a Studio Space
You would need to rent or lease a decent facility in a good location for your dance studio. The truth is that, the location you choose to build your dance studio; goes a long way to determine how profitable the business can be. So ensure that you rent / lease a facility that is well spacious and in a location that can attract the kind of people that will patronize your dance studio. If you are lucky, you can see and buy off an existing studio; it makes it easier for you if you come by any.
5. Acquire the Required Equipments
The next thing to do after securing your studio space is to equip and furnish the dance studio. Part of the equipment you would need are; a good stereo system to play music, floor – length mirror, Barres, good flooring material, good lighting system et al.
6. Hire Competent and Qualified Dance Instructors
If your intention is not just to build a dance studio where people (musicians) can come and rent, but you also want to start your own dance school in your studio, then you should consider hiring competent and qualified dance instructors. Once you have hired dance instructors, you guys can put heads together to design a curriculum for your dance school and also you can fix the fee expected from students who want to enroll in your dance school.
7. Promote / Market Your Dance Studio
There are many ways you can promote and market your dance studio. Part of what you need to do to promote your dance studio is to first create a very strong online presence. You would need a website to start with, and also leverage on social media platforms to create buzz. You can also approach musicians /bands, schools, et al, to market your dance studio. Just ensure that you employ a good graphic designer to help you with all your promotional materials.
Lastly, it is important to obtain permission before using anybody’s music in your dance studio. Although, some musicians would not mind when their music is being used for commercial purposes without permission, but to avoid unnecessary court cases it would be nice to apply for permission.
There you have it; the 7 surefire steps needed to start your own dance studio.
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